Complaint: Binance Smart Chain

on 01 January 2021 about Binance in category Crypto / Blockchain

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My complaint:

Binance has 4 or 5 options on how to send ETH to Coinbase. They display the amount it will cost you for the transaction, so naturally you want the lower fee. Only 2 of the options will recognize the wallet you’re trying to send too… 1. Binance Smart Chain 2. Ethereum Network. The price cost difference per transaction is substantial, BSC is about .15 cents per thousand and EN is around $7 per thousand. So naturally you’ll will pick the cheaper option. There are no warnings about the risks of sending through their smart chain, a message just asks you if you’re sure you want to use it. It allows you to enter your wallet address, shows it’s compatible, and allows you to make the transfer. The coins go through and disappear. This is because Coinbase does not support BSC, but that information is not available on their website.

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Justified complaint?

Suggested solution:

They should refund the ETH sent in that transaction, it was only 1.3 ETH, but I couldn't imagine if it was 10 or 20 tokens. No crypto exchange should allow people to send tokens if there is no destination. If they are going to promote their smart chain with really cheap fees, they should at least give the sender a list of what platforms and wallets are compatible. And to top it off, the customer service rep just basically said, oops, sorry, which left me feeling ripped off. I've been using binance for years and I'm very disappointed. I'll be closing my account. This type of transaction gives crypto currency in general a bad name. I've never seen FIAT currency just disappear into thin air, and with no one held responsible.

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